Breaking Mining News: Alaska Energy Metals (TSXV: $AEMC)
(OTCQB: $AKEMF) Significantly Increases NI 43-101 Mineral Resource Estimate for
the Eureka Deposit, Nikolai Nickel Project, Alaska, USA; @AKEnergyMetals
HIGHLIGHTS
- The Eureka West and Eureka East deposits reported in the maiden
2023 Mineral Resource Estimate ("MRE") are now connected as one
deposit measuring 4.5 kilometers (2.8 miles) in length.
- Relative to the maiden MRE:
- A significant portion of the deposit was upgraded from Inferred to
Indicated MRE. Previously there was 0 tonnes of Indicated resource. There
has been an addition of 813 million tonnes of Indicated resource to the
MRE.
- The grade of the Indicated resource is 0.29% nickel equivalent
("NiEq").
- The Inferred resource has increased from 319.6 million tonnes to
896 million tonnes, a 180% increase. The grade of the Inferred resource
is 0.27% NiEq.
- There has been an addition of 3.877 billion pounds (1.758 million
tonnes) of contained nickel to the Indicated resource.
- There has been an increase in Inferred resource contained nickel
metal from 1.552 billion pounds (703,975 tonnes) to 4.225 billion pounds
(1.916 million tonnes), a 172% increase.
- As a consequence of joining the two deposits together, the strip
ratio has been reduced from 3.7:1 to 1.5:1. Three parallel zones of
mineralization are now identified (EZ1, EZ2, and EZ3).
- A higher-grade core zone has been identified within EZ2 and it
shows continuity along much of the strike of the deposit. The higher-grade
core contains an Indicated resource of 211 million tonnes at a grade of
0.34% NiEq and an Inferred resource of 154 million tonnes at a grade of
0.33% NiEq.
VANCOUVER, British Columbia - February 12, 2024
(Investorideas.com Newswire) Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) ("AEMC" or the "Company")
announced today an updated independent mineral resource estimate prepared in
accordance with National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") ("2024 MRE" or
"2024 Resource") for its 100% owned Eureka Deposit, Nikolai Nickel
Project ("Nikolai" or "Deposit") in Alaska, USA, with an
effective date of February 12, 2023.
Read this news, featuring AEMC in
full at https://www.investorideas.com/news/2024/02121AEMC-Nikolai-Nickel-Project.asp
The newly-published 2024 MRE contains
an addition of 813 million tonnes of indicated resource, 896 million tonnes of
inferred resource (an increase of 180%), and a strip ratio decrease, when
compared with the maiden resource published in 2023 (see press
release dated November 20, 2023). The study was completed by Stantec
Consulting Services, Inc., and includes 35 historical drill holes, the data for
which the Company purchased in August 2023, and eight diamond drill holes (totaling
4,138 meters) drilled by the Company on the project in 2023.
Alaska Energy Metals President &
CEO Gregory Beischer commented, "In less than a year, we have
taken an exploration concept to a substantial deposit of nickel and other
critical metals. The mineral resource estimate update has produced a 180%
increase in the Inferred tonnage, and added substantial, new Indicated tonnage
to the deposit. The update increases the nickel metal content of the deposit to
over 8 billion pounds (more than 3.7 million metric tonnes) with only a 0.01%
grade decrease and a notably lower strip ratio. With this updated mineral
resource estimate, the Eureka deposit of the Nikolai Nickel project represents
a globally significant accumulation of nickel and has now become one of the
larger known nickel deposits in the United States. Nikolai could potentially
become an important source of nickel for the USA, catering to the needs of
various manufacturing sectors including stainless steel, electric vehicles,
defense components, long-term, grid-scale renewable energy storage batteries
and a myriad of other uses. This significant achievement speaks volumes to the
hard work our team has put into the project over the past year. I am
particularly encouraged by the delineation of a higher-grade core zone. The
presence of this core zone could dramatically affect project economics in a
positive way."
Nikolai Mineral Resource Estimate
Update
- Total Indicated mineral
resources of 3.877 billion pounds (1.758 million tonnes) of nickel, 1.276
billion pounds (578,783 tonnes) of copper, and 303 million pounds (137,438
tonnes) of cobalt, plus a total of 4.0 million ounces of platinum, plus
palladium and gold in a constrained model totaling 813 million tonnes, at
an average grade of 0.29% total NiEq, using a 0.20% NiEq cut-off grade.
See detailed breakdown in Tables 1, 2, and 3 below.
- Total Inferred mineral
resources of 4.225 billion pounds (1.916 million tonnes) of nickel, 1.040
billion pounds (471,736 tonnes) of copper, and 327 million pounds (148,324
tonnes) of cobalt, plus a total of 3.4 million ounces of platinum, plus
palladium and gold in a constrained model totaling 896 million tonnes, at
an average grade of 0.27% total NiEq, using a 0.20% NiEq cut-off grade.
See detailed breakdown in Tables 1, 2, and 3 below.
- A higher-grade core zone has
been identified within EZ2, and it shows continuity along much of the
strike of the deposit. The higher-grade core contains an Indicated
resource of 211 million tonnes at a grade of 0.34% NiEq and an Inferred
resource of 154 million tonnes at a grade of 0.33% NiEq. This zone will
continue to be evaluated, as it could positively affect project economics
- The 2024 MRE represents a significant,
material tonnage increase in the MRE for the Nikolai Nickel project
compared to the maiden MRE (see press release dated November 20, 2023).
- The 2024 MRE is defined by 43 drill holes
comprising 35 historic and eight holes drilled in 2023 by AEMC. The drill
holes provide confirmation that mineralization is interconnected across
all three domains. The deposits remain open along strike and in the down
dip direction.
- The 2024 MRE incorporates three zones (EZ1,
EZ2, EZ3) of sulfide mineralization that cover 4.5 kilometers (2.8 miles)
of the Eureka deposit (Figure 1). The Eureka Zone East and Eureka Zone
West MRE reported in the 2023 maiden MRE are now connected to form one
continuous deposit.
- As a consequence of joining the two deposits
together, the strip ratio was significantly decreased from 3.7:1 to 1.5:1.
- Chrome and iron are also present within the
deposit but have not been reported in the 2024 Resource due to the lack of
historical assay data and analytical methods used.
The 2024 MRE will be incorporated
into a NI 43-101 compliant technical report for the Nikolai Nickel project to be
filed within 45 days.
Table 1 - Nikolai Project Mineral Resource Estimate
(MRE) Effective February 12, 2024
|
Indicated Mineral Resource Tonnes and Grade |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
||||
|
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
||
|
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
- |
- |
- |
- |
- |
- |
- |
- |
|
Eureka Zone 2 (EZ2) |
>= 0.200 |
739 |
0.22 |
0.08 |
0.02 |
0.049 |
0.101 |
0.013 |
0.29 |
|
|
Eureka Zone 3 (EZ3) |
>= 0.200 |
74 |
0.21 |
0.02 |
0.02 |
0.035 |
0.023 |
0.006 |
0.25 |
|
|
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
813 |
0.22 |
0.07 |
0.02 |
0.048 |
0.094 |
0.012 |
0.29 |
|
Indicated Mineral Resource Tonnes and Metal Content |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
||||
|
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
||
|
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
- |
- |
- |
- |
- |
- |
- |
- |
|
Eureka Zone 2 (EZ2) |
>= 0.200 |
739 |
3,532 |
1,243 |
279 |
1,166 |
2,400 |
310 |
4,770 |
|
|
Eureka Zone 3 (EZ3) |
>= 0.200 |
74 |
345 |
33 |
25 |
83 |
54 |
15 |
407 |
|
|
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
813 |
3,877 |
1,276 |
303 |
1,249 |
2,454 |
326 |
5,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Mineral Resource Tonnes and Grade |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
||||
|
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
||
|
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
85 |
0.19 |
0.02 |
0.02 |
0.025 |
0.020 |
0.004 |
0.22 |
|
Eureka Zone 2 (EZ2) |
>= 0.200 |
693 |
0.22 |
0.06 |
0.02 |
0.042 |
0.082 |
0.010 |
0.28 |
|
|
Eureka Zone 3 (EZ3) |
>= 0.200 |
118 |
0.21 |
0.02 |
0.02 |
0.033 |
0.022 |
0.006 |
0.25 |
|
|
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
896 |
0.21 |
0.05 |
0.02 |
0.039 |
0.068 |
0.009 |
0.27 |
|
Inferred Mineral Resource Tonnes and Metal Content |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
||||
|
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
||
|
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
85 |
356 |
31 |
29 |
67 |
56 |
10 |
422 |
|
Eureka Zone 2 (EZ2) |
>= 0.200 |
693 |
3,320 |
957 |
259 |
939 |
1,831 |
233 |
4,337 |
|
|
Eureka Zone 3 (EZ3) |
>= 0.200 |
118 |
549 |
52 |
39 |
127 |
85 |
22 |
647 |
|
|
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
896 |
4,225 |
1,040 |
327 |
1,133 |
1,972 |
265 |
5,406 |
- NiEq = nickel equivalent, MT = million tonnes,
Mlb = Million pounds, KtOz = thousand troy ounces.
- Totals may vary due to rounding.
- CIM definitions are followed for
classification of Mineral Resource.
- Metal pricing used to calculate NiEq is based
on observation of monthly metal pricing for the past 24 months up to
end-January 2024 with Ni at US$23,375/tonne (US$10.6/lb) (World Bank), Cu
at US$ 8,644/tonne ($US3.92/lb) (World Bank), Co 41,050 US$/tonne
(US18.62/lb) (Trading Economics), Pt at US$963/toz (World Bank), Pd at
US$1,664/toz (Kitco), and Au at 1,878 (World Bank). Totals may not
represent the sum of the parts due to rounding.
- Nickel equivalent grade formula is as follows:
*NiEq = (Ni%) + (Cu% * 0.31) + (Co% * 1.46) + (Pt% * 1,103) + (Pd% * 1,907) + (Au% * 2,153)
Coefficients used to calculate the value of other metals to Ni equivalent include allowances for differences in assumed recoveries of other metals (50%) and nickel (60%), and are calculated as follows:
(Metal Price)/(Ni Price) x (metal recovery/Ni recovery). - Base case NiEq cutoff grade is 0.20%
calculated from a Ni price of US$23,375/tonne (US$10.60 US$/lb), surface
mining cost of US$2.50 per tonne, processing costs US$25.00 per tonne and
Ni recovery of 60% and 50% for other metals (Cu, Co, Pt, Pd, and Au).
- Mineral Resource are reported from within an
economic pit shell whose extent has been estimated using a Ni price of
US$23,374.56/tonne (US$10.60 US$/lb) and mining cost of US$2.50 per tonne,
from a Ni equivalent grade calculated from Ni, Cu, Co, Pt, Pd, and Au, and
45-degree constant slope angle.
- The Mineral Resource estimate has been
prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Inc. in
conformity with CIM "Estimation of Mineral Resource and Mineral
Reserves Best Practices" guidelines and are reported in accordance
with the Canadian Securities Administrators NI 43-101. Mineral resources
are not mineral reserves and do not have demonstrated economic viability.
There is no certainty that any mineral resource will be converted into
mineral reserve.
SENSITIVITY ANALYSIS
A sensitivity analysis for Indicated and Inferred mineral resources are
provided in Table 2 and Table 3 respectively, which demonstrates the variation
in grade and tonnage in the deposit at various cut-off grades. Constrained
Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. The
values in the table reported above and below the cut-off grades should not be
misconstrued with a Mineral Resource Statement. The values are only presented
to show the sensitivity of the block model estimates to the selection of
cut-off grade. All figures are rounded to reflect the relative accuracy of the
estimate.
Table 2 - Nikolai Project MRE Indicated Grade
Sensitivity Effective February 12, 2024
|
Indicated
Mineral Resource Tonnes and Grade Sensitivity |
||||||||||
|
Area |
Mineralized
Zone |
NiEq
Cutoff |
Tonnage |
Base and
Battery Metals |
PGM and
Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
||||
|
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
||
|
Total |
EZ1+ EZ2 +
EZ3 |
>=
0.100 |
892 |
0.21 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.28 |
|
>=
0.150 |
891 |
0.21 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.28 |
||
|
>=
0.200 |
813 |
0.22 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.29 |
||
|
>=
0.225 |
735 |
0.22 |
0.08 |
0.02 |
0.05 |
0.10 |
0.01 |
0.30 |
||
|
>=
0.250 |
618 |
0.23 |
0.08 |
0.02 |
0.05 |
0.11 |
0.01 |
0.31 |
||
|
>=
0.275 |
467 |
0.24 |
0.09 |
0.02 |
0.06 |
0.12 |
0.02 |
0.32 |
||
|
>=
0.300 |
289 |
0.25 |
0.11 |
0.02 |
0.07 |
0.14 |
0.02 |
0.34 |
||
|
>=
0.325 |
177 |
0.26 |
0.13 |
0.02 |
0.07 |
0.16 |
0.02 |
0.37 |
||
|
>=
0.350 |
114 |
0.26 |
0.14 |
0.02 |
0.08 |
0.17 |
0.02 |
0.38 |
||
|
>=
0.375 |
70 |
0.27 |
0.15 |
0.02 |
0.08 |
0.18 |
0.02 |
0.39 |
||
|
>=
0.400 |
22 |
0.28 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.41 |
||
|
Indicated
Mineral Resource Tonnes and Metal Content Grade Sensitivity |
||||||||||
|
Area |
Mineralized
Zone |
NiEq
Cutoff |
Tonnage |
Base and
Battery Metals |
PGM and
Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
||||
|
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
||
|
Total |
EZ2 + EZ2
+ EZ3 |
>=
0.100 |
892 |
4,126 |
1,326 |
330 |
1,326 |
2,539 |
347 |
5,502 |
|
>=
0.150 |
891 |
4,123 |
1,324 |
329 |
1,325 |
2,535 |
347 |
5,498 |
||
|
>=
0.200 |
813 |
3,877 |
1,276 |
303 |
1,249 |
2,454 |
326 |
5,177 |
||
|
>=
0.225 |
735 |
3,593 |
1,218 |
277 |
1,167 |
2,345 |
305 |
4,815 |
||
|
>=
0.250 |
618 |
3,113 |
1,102 |
236 |
1,033 |
2,121 |
273 |
4,195 |
||
|
>=
0.275 |
467 |
2,434 |
934 |
183 |
851 |
1,773 |
227 |
3,320 |
||
|
>=
0.300 |
289 |
1,569 |
693 |
117 |
616 |
1,290 |
162 |
2,195 |
||
|
>=
0.325 |
177 |
995 |
501 |
75 |
423 |
896 |
115 |
1,426 |
||
|
>=
0.350 |
114 |
662 |
358 |
50 |
292 |
620 |
81 |
961 |
||
|
>=
0.375 |
70 |
415 |
234 |
31 |
185 |
393 |
52 |
606 |
||
|
>=
0.400 |
22 |
135 |
76 |
10 |
57 |
125 |
18 |
197 |
||
Table 3 - Nikolai Project MRE Inferred Grade
Sensitivity Effective February 12, 2024
|
Inferred Mineral Resource Tonnes and Grade Sensitivity |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
||||
|
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
||
|
Total |
EZ1+ EZ2 + EZ3 |
>= 0.100 |
1,089 |
0.20 |
0.05 |
0.02 |
0.04 |
0.06 |
0.01 |
0.26 |
|
>= 0.150 |
1,076 |
0.20 |
0.05 |
0.02 |
0.04 |
0.06 |
0.01 |
0.26 |
||
|
>= 0.200 |
896 |
0.21 |
0.05 |
0.02 |
0.04 |
0.07 |
0.01 |
0.27 |
||
|
>= 0.225 |
752 |
0.22 |
0.06 |
0.02 |
0.04 |
0.08 |
0.01 |
0.29 |
||
|
>= 0.250 |
603 |
0.23 |
0.06 |
0.02 |
0.04 |
0.08 |
0.01 |
0.30 |
||
|
>= 0.275 |
413 |
0.24 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.31 |
||
|
>= 0.300 |
244 |
0.25 |
0.08 |
0.02 |
0.05 |
0.11 |
0.01 |
0.33 |
||
|
>= 0.325 |
124 |
0.26 |
0.10 |
0.02 |
0.06 |
0.12 |
0.01 |
0.35 |
||
|
>= 0.350 |
46 |
0.26 |
0.14 |
0.02 |
0.08 |
0.16 |
0.02 |
0.38 |
||
|
>= 0.375 |
26 |
0.27 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.39 |
||
|
>= 0.400 |
10 |
0.28 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.41 |
||
|
Inferred Mineral Resource Tonnes and Metal Content Grade Sensitivity |
||||||||||
|
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
||||
|
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
||||
|
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
||
|
Total |
EZ2 + EZ2 + EZ3 |
>= 0.100 |
1,089 |
4,840 |
1,133 |
393 |
1,285 |
2,093 |
298 |
6,178 |
|
>= 0.150 |
1,076 |
4,810 |
1,127 |
389 |
1,278 |
2,087 |
297 |
6,139 |
||
|
>= 0.200 |
896 |
4,225 |
1,040 |
327 |
1,133 |
1,972 |
265 |
5,406 |
||
|
>= 0.225 |
752 |
3,685 |
959 |
277 |
981 |
1,824 |
234 |
4,733 |
||
|
>= 0.250 |
603 |
3,054 |
847 |
227 |
825 |
1,614 |
201 |
3,949 |
||
|
>= 0.275 |
413 |
2,183 |
665 |
160 |
617 |
1,244 |
151 |
2,854 |
||
|
>= 0.300 |
244 |
1,354 |
449 |
98 |
405 |
825 |
94 |
1,788 |
||
|
>= 0.325 |
124 |
717 |
268 |
52 |
232 |
476 |
57 |
965 |
||
|
>= 0.350 |
46 |
264 |
144 |
19 |
114 |
239 |
34 |
382 |
||
|
>= 0.375 |
26 |
155 |
93 |
11 |
72 |
151 |
22 |
228 |
||
|
>= 0.400 |
10 |
58 |
34 |
4 |
24 |
56 |
8 |
85 |
||
Figure 1. Eureka Zone overview map displaying
geology, the 2024 economic resource pit outline, and drill hole locations.
Figure 2. Cross section through the Eureka EZ1,
EZ2, and EZ3 MRE. Note: Location of section A-A’ is located on Figure 1.
Figure 3. Cross section through the Eureka EZ1, EZ2
& EZ3 MRE. Note: Location of section B-B’ is located on Figure 1.
MINERAL RESOURCE ESTIMATION
CALCULATION METHODOLOGY
The geologic model used for reporting of mineral resources is a 3D block model
that was developed using LeapFrog Edge version 2023.1.1 and MinePlan version
16.1.1. The block model was developed using the UTM NAD83 6N and is in metric
units. The block size is 40 m (X), 10 m (Y) and 10 m (Z) rotated by 26 degrees
toward the east to align the X-axis along strike at 118 degrees. The block
model captures three mineralized ultramafic intrusive bodies ("zones"
or "solids") that dip towards the southwest at between 45° and 50°.
These three zones are called Eureka Zone 1 (EZ1), Eureka Zone 2 (EZ2) and
Eureka Zone 3 (EZ3) from south to north across the deposit, respectively. The
mineralized zones were built using Seequent's Leapfrog Geo software from a
drillhole database of 43 drillholes. Mineral sample assays have been validated
for 36 of the 43 drillholes and assay data from these holes has been used to
estimate grades for nickel (Ni), copper (Cu), cobalt (Co), platinum (Pt),
palladium (Pd), gold (Au), silver (Ag), iron (Fe) and chromium (Cr). All
metals, excluding Ag, Fe and Cr, have been used to calculate a NiEq grade based
on average (24 month) market prices. Ag and Au grades were capped prior to
estimation at 0.6 parts per million (ppm) for Ag and 0.03 ppm for Au within
EZ1. Ni is approximately 77% of the total in-situ value of the metals included
in the equivalent grade calculation.
Reasonable prospects for economic
extraction have been determined by calculating a recovered NiEq cutoff grade of
0.20 percent (%) using the following assumptions:
- Mining costs US$2.5/tonne;
- Processing costs US$25/tonne;
- Processing recovery of 60%.
Resources are reported from within an
economic pit shell at a 45-degree constant slope using Hexagon mining
Pseudoflow algorithm. No underground mining is considered. Assumed revenue used
to drive the pit shell is US$10.60/lb Ni applied to a recovered Ni-equivalent
grade assuming 60% recovery for Ni and 50% recovery for all other metal
equivalents. This pit optimization does not represent an economic study. Future
engineering studies will be needed to develop optimal bulk tonnage mining
methods. The pit-constrained MRE is at an indicated and inferred-level of
assurance based in the quantity of exploration data available for grade
estimation. Mineral resources are reported for the EZ1, EZ2 and EZ3.
The Nikolai Project MRE, with an
effective date of February 12, 2024, is shown in Table 1 and associated grade
sensitivity is shown in Table 2 and Table 3.
MINERAL RESOURCE ESTIMATE PREPARATION
The 2024 MRE has been prepared by Derek Loveday, P. Geo. (the "QP")
of Stantec Consulting Services Inc. in conformity with CIM "Estimation of
Mineral Resource and Mineral Reserves Best Practices" guidelines and are
reported in accordance with NI 43-101. The QP is not aware of any
environmental, permitting, legal, title, taxation, socioâ€economic, marketing, political, or other
relevant issues that could potentially affect the 2024 MRE. Mineral resources
are not mineral reserves and do not have demonstrated economic viability. There
is no certainty that any mineral resource will be converted into mineral
reserve.
METALLURGY
All deposits in the 2024 Resource contain desirable nickel sulfide
mineralization consisting of thick, layered horizons of nickel and copper
sulfides, which are enriched in cobalt, chrome, iron, platinum, palladium, and
gold. Preliminary deportment assessments for the Eureka Zone 2 mineralization
have been completed by Pure Nickel Inc. in 2014 (see Pure Nickel's press
release dated April 22, 2014) and by the Company in 2022 (see press
release dated September 29, 2022). Results from these two
assessments (Table 4) indicate an average of 83.4% of the total nickel is in
potentially recoverable mineral phases of Ni-sulfides and Ni-Fe alloys. The
Company also analyzed copper deportment, with an average of 74% of the total copper
in potentially recoverable mineral phases of Cu-sulfides and Cu-oxides.
Additional deportment studies and bench scale metallurgical testing are
on-going using core samples collected from the Company's 2023 drill program.
Results from these studies will be released when completed.
Table 4 - Summary of Ni-Cu Deportment work complete
on the Nikolai Nickel Project
|
|
PNI Composite (PNI-12-063) |
Millrock Composite 1 (FL-003) |
Millrock Composite 2 (FL-003) |
|
% Ni |
0.28 |
0.25 |
0.23 |
|
% Ni in sulfides and alloys |
75.3 |
94.3 |
80.8 |
|
% Ni in silicates |
20 |
5.1 |
18.9 |
|
% Cu |
0.12 |
0.16 |
0.07 |
|
% Cu in sulfides and oxides |
NA |
72.4 |
75.5 |
|
% Sulfur |
0.77 |
1.32 |
0.49 |
|
Notes: Pure Nickel deportment study focused on Ni
and Fe sulfides, with no results for Cu sulfides and oxides |
|||
CHROME AND IRON
Chrome and iron have been identified as potentially significant co-products of
mineralization at the Nikolai Nickel Project. Data the Company purchased in
August 2023 had incomplete iron assay data and the analytical methods used to
determine the concentration of chrome prevented the assessment of these
elements in the 2024 MRE. The drilling completed by the Company in 2023
indicated an increase from 0.18% to 0.28% in the mean chrome assays and an
increase from 8.2% to 8.8% in the mean iron assays relative to the historical
purchased data. AEMC will continue to evaluate the chrome and iron data from
the 2024 infill drill program, which is currently being planned. The Company
has the objective of integrating these elements in future resource updates.
CAUTIONARY NOTE CONCERNING
TECHNICAL DISCLOSURE AND U.S. SECURITIES LAWS
The MRE has been prepared in accordance with the requirements of the securities
laws in effect in Canada, which differ in certain material respects from the
disclosure requirements under United States securities laws. Unless otherwise
indicated, all resource and reserve estimates included in this news release
have been prepared in accordance with NI 43-101. The definitions used in NI
43-101 are incorporated by reference from the CIM Definition Standards.
The SEC Modernization Rules replaced
the historical disclosure requirements for mining registrants that were
included in SEC Industry Guide 7, which has been rescinded. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes estimates of
"measured mineral resources", "indicated mineral resources"
and "inferred mineral resources". Readers are cautioned that while
the above terms are "substantially similar" to the corresponding CIM
Definition Standards, there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly, there is no
assurance any mineral resources that the Company may report as "measured
mineral resources", "indicated mineral resources" and
"inferred mineral resources" under NI 43-101 would be the same had
the Company prepared mineral resource estimates under the standards adopted
under the SEC Modernization Rules. Accordingly, information contained or
incorporated by reference in this news release describing the Company's mineral
deposits may not be comparable to similar information made public by United
States companies subject to the reporting and disclosure requirements under the
United States federal securities laws and the rules and regulations thereunder.
QUALIFIED PERSON
Mr. Derek Loveday, P. Geo. of Stantec
Consulting Services Inc. is the Qualified Person as defined by NI 43-101 who
has prepared, or supervised the preparation of, or has reviewed and approved,
the scientific and technical data pertaining to the MRE contained in this
release, and will be preparing the NI-43-101 technical report for filing on
SEDAR+ within 45 days.
Gabriel Graf, the Company's Chief
Geoscientist, is the qualified person, as defined under NI 43-101 having
reviewed and approved all other scientific and technical information contained
in this news release.
For additional information,
visit: https://alaskaenergymetals.com/
About Alaska Energy Metals
Alaska Energy Metals Corporation is
focused on delineating and developing a large polymetallic exploration target
containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold.
Located in central Alaska near existing transportation and power
infrastructure, the Nikolai Nickel project is well-situated to become a
significant, domestic source of critical and strategic energy-related metals
for the American market.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164
Sarah Mawji, Public Relations
Final Edit Media and Public Relations
Email: sarah@finaleditpr.com
Some statements in this news release
may contain forward-looking information (within the meaning of Canadian
securities legislation), including, without limitation, that it will drill
holes to test the Canwell, Odie and Emerick prospects and do more geophysical
surveys in 2024. These statements address future events and conditions and, as
such, involve known and unknown risks, uncertainties, and other factors which
may cause the actual results, performance, or achievements to be materially
different from any future results, performance, or achievements expressed or
implied by the statements. Forward-looking statements speak only as of the date
those statements are made. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results may
differ materially from those in the forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include regulatory actions, market prices, and
continued availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management on the date the statements are made. Except as
required by applicable law, the Company assumes no obligation to update or to
publicly announce the results of any change to any forward-looking statement
contained or incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions, or changes in other factors
affecting the forward-looking statements. If the Company updates any
forward-looking statement(s), no inference should be drawn that it will make
additional updates with respect to those or other forward-looking statements.
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this press release.
Alaska Energy Metals Corporation (TSXV: AEMC)
(OTCQB: AKEMF) (FRA: V7F) is a featured mining stock on Investorideas.com
More info on AEMC at Investorideas.com Visit: https://www.investorideas.com/CO/AEMC/
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